Month: January 2019
Cyprus is a hotspot for real estate opportunities it is a premier tourist destination with its natural beauty and friendliness, drawing people to invest in Cyprus property. While the recession has affected many countries negatively, Cyprus has enjoyed a relatively unaffected steady growth over the past decade.
Why is Cyprus such a wonderful place to invest in property? –
It is a popular, warm and sunny island, ideal for those who want a summer home. With its friendly folk, relaxing ambience, pristine beaches and sandy shores, what else is there to be desired in a Cyprus property? Cyprus has one of the most agreeable climates in the world warm summers and mild winters and is consistently bright and sunny for 11 out of 12 months.
In addition to the gorgeous coastlines and ancient archaeological sites across the island, Cyprus has plenty to offer to would-be home owners. Cyprus boasts an advanced economy, a booming infrastructure and a stable government. The cost of living is relatively low compared to its European counterparts, whilst the quality of life is healthier.
The excellent news for an investor searching for Cyprus property is that English is the second language spoken there, so it is not essential to learn the native language Greek to communicate with the locals and negotiate for the best properties available. Cyprus has also adapted the British-based banking and legal system, so the paperwork is quite similar to that used in English property transactions. Ever since 2004, Cyprus was included as a member of the European Union (EU), and adopted the euro as its currency in 2008. This makes it easier for EU citizens without permanent residency to buy properties in this wonderful island.
Cyprus is an extremely safe place to live, and boasts a very low crime rate. It has excellent medical, educational and communication facilities, making the decision to buy property easier, knowing that you will be living in a safe and developed environment. Even if you do not want to live in Cyprus, purchasing property is still an excellent investment and is quite lucrative for those looking to make money. One can buy property and be assured that its value will increase as the years go by.
Searching for the right property to buy in Cyprus is no easy task, and it is best to get the services of a Cyprus realtor to get the best advice on your investments.
I have published many articles which are designed to assist commercial borrowers in avoiding commercial loan problems. One of the most serious commercial mortgage business loan situations is a commercial lender that causes problems for their commercial borrowers on a recurring basis. It is particularly this type of commercial lender which prudent commercial borrowers should be prepared to avoid unless viable alternative business financing options do not realistically exist.
As a direct result of my commercial loan experiences advising business owners for over 25 years and regular conversations with other business financing professionals, I do in fact believe that there are a number of commercial lenders that should be avoided. This conclusion is based on a recurring pattern of lending abuses by some business lenders.
This article will not name specific lenders to avoid, but specific examples will be provided to show why informed commercial borrowers should be ready to avoid a variety of business lenders in their search for viable commercial loan solutions. This business financing strategy article will illustrate the significant benefits of avoiding “problem lenders”.
Meaningless Pre-approvals for a Commercial Mortgage Business Loan
An early commercial mortgage pre-approval is often sought by commercial borrowers. The expected advantage to this initial commercial loan approval is that the business borrower can make other business arrangements which are based on the business financing being completed.
An ethical commercial lender will treat any form of business financing approval very seriously. Commercial borrowers should expect that a meaningful version of such an approval will not be realistically possible in just two or three days.
However, there are lenders who prepare a misleading and questionable version of a pre-approval shortly after receiving minimal application data. Because this approach often produces surprises for the borrower as the commercial mortgage process moves forward, borrowers should be wary of any lenders that do this.
Why do some commercial lenders provide such meaningless pre-approvals for a commercial mortgage? There are two likely reasons. (1) To motivate the commercial borrower to stop considering other potential commercial lenders. (2) To provide a business loan pre-approval that is similar to a structure prevalent with residential loans.
Because many commercial loan situations are facilitated by residential mortgage brokers who are typically unfamiliar with normal business financing requirements, this reason will be especially relevant with business lenders that primarily work with residential mortgage brokerage firms. Such a lender should be avoided for most commercial mortgage circumstances.
Commercial Mortgage Loan – Yes or No?
I have published an article which discusses the tendency of many banks to say “yes” when they mean “no”. Such banks will typically attach onerous business financing conditions to commercial loans instead of simply declining the loan. Business owners should explore other commercial mortgage alternatives before accepting commercial financing terms that put them at a competitive disadvantage.
Think Outside the Bank for a Commercial Mortgage
In some non-competitive business markets, it is unfortunately common for a lender to employ business loan terms that would typically not be seen in a more competitive commercial loan environment. Such business lenders can repeatedly take advantage of a non-competitive commercial lending imbalance.
An appropriate response by commercial borrowers is to seek out non-bank commercial loan options. It is neither necessary nor wise for commercial borrowers to depend only upon local traditional banks for commercial mortgage solutions. For most business loan situations, a non-local and non-bank commercial lender is likely to provide improved business financing terms because they are accustomed to competing aggressively with other commercial lenders.
Commercial Property Commercial Loan Appraisals
For commercial mortgage loans, commercial appraisals are an unavoidable part of the commercial loan underwriting process. The commercial appraisal process is lengthy and expensive, so avoiding commercial lenders which have displayed a pattern of problems and abuses in this area will benefit the commercial borrower by saving them both time and money.
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